# In the matter of Romesh Power Products Pvt. Ltd. IA No. 272-JPR-2022, IA No. 145 & 161-JPR-2023 in CP No. (IB)-23-9-JPR-2020]

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03922. The case involves an application under Section 12A of the IBC, 2016, filed by the Bank of…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03922
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/romesh-power-products-pvt-ltd-ia-no-272-jpr-2022-ia-no-145-161-jpr-2023-in-cp-no-5f451324

## Summary

### Background

The case involves an application under Section 12A of the IBC, 2016, filed by the Bank of Maharashtra, read with Regulation 30A (1) of CIRP Regulations, 2016. The Resolution Professional (RP) had published Form-G for inviting resolution plans on May 26, 2022, but no expression of interest was received. The agenda for extending the CIRP period was rejected by the Committee of Creditors (CoC). Subsequently, the RP proposed liquidation, but the CoC did not vote in favor of it and expressed unwillingness to liquidate the Corporate Debtor.

## Facts

Manoj Jain Prop. Maxwell India is the Operational Creditor/Applicant. Romesh Power Products Pvt. Ltd. is the Corporate Debtor/Respondent. The Resolution Professional published Form-G for invitation of Resolution Plan on 2022-05-26, but no expression of interest was received. The agenda for extension of the CIRP period was rejected by the CoC on 2022-06-18. The RP put an agenda for liquidation of the Corporate Debtor, but the CoC did not vote on the resolution for liquidation and does not want to liquidate the Corporate Debtor. The Members of CoC decided to withdraw the CIRP of the Corporate Debtor. The erstwhile RP was having key of rented premises and some of the records of the Corporate Debtor is lying in the rented premises. The RP has taken key from the erstwhile

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## Issues and analysis

### Issue 1: Whether the application under Section 12A of the IBC, 2016 should be allowed, leading to the …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of 90% of the

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**Reasoning:** The CoC decided to withdraw the CIRP due to the absence of resolution plans and their

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**Interpretation:** Section 12A provides a mechanism for the CoC to reassess the viability of the

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**Application:** Given the CoC's decision to withdraw the CIRP, and the absence of any viable

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Manoj Jain Prop.…
- **Respondents:** Romesh Power…

## Timeline

- **2022-05-26 — Form-G Publ…**: Resolution Professional published Form-G…
- **2022-06-18 — CIRP Extension…**: The agenda for extension of the CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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